Stuart Sternberg has agreed to a deal selling the Tampa Bay Rays for $1.7 billion to a developing group led by Patrick Zalupski. Sternberg and other partners will still hold onto about a 10% share of the team. The team is expected to be sold roughly around the end of the regular season, possibly as early as Sept. 15th.
Zalupski is a Jacksonville-based developer who will be the Rays’ “control person” once the purchase of the team is complete. Zamupski’s team is composed of about 10 members, key figures being minor league team owner Ken Babby, Union Home Mortgage CEO Bill Cosgrove, and DEX Imaging CEO Dan Doyle Jr.
This declining involvement from Sternberg would allow his group to profit when selling when the team has a higher franchise value. If plans to build a new stadium are solidified, this could increase the franchise value.
The Trop was long in need of repair. The stadium first opened in 1990, and the team hosted its first game at the stadium eight years later. In 1998, the beverage company Tropicana purchased naming rights to the stadium. The first game played was the Rays vs. Detroit Tigers on March 31st, 1989. The Tigers clutched a win, 11-6.
The stadium’s location highlighted issues. Being on the other side of the bay from most residents and the poor performance of the team made fans reluctant to attend. Sternberg saw the team as an opportunity, and he bought the Devil Rays in 2004, not taking full control until October 2005. Sternberg shortened the team’s name to the Rays, and under his ownership, the Rays have the third-highest number of games won since 2008 (trailing the Yankees and Dodgers). Despite making two World Series appearances (2008, 2020), they have no titles to their name.
Rejuvenating a younger baseball fanbase started with a new stadium.
Last year, Sternberg tried to replace Tropicana Field. He considered one in the Historic Gas Plant District in St. Petersburg. But, the bright idea for a new stadium started to fade. Hurricane Milton ripped through the roof of Tropicana Field in October 2024.
Repairing the stadium could cost at least $55 million, according to WFLA News Channel 8.
After assessing the costs, the vision for a new stadium in the near future was no longer feasible. The Rays pulled out of their end of the deal for the new stadium development in March 2025.
“After careful deliberation, we have concluded we cannot move forward with the new ballpark and development project at this moment,” Sternberg said in a statement.
The deal for the St. Petersburg stadium fell through. And, MLB Commissioner Rob Manfred and other owners pushed for Sternberg to sell. Now, with Zalupski’s development team, the Rays will have to figure out their next moves. In the meantime, the team will continue to occupy Steinbrenner Field, the Yankees’ Spring Training facility.
Category: Baseball, MLB, Tampa Bay Rays